Q. I was in the Air Force title 10 from July 1977 to April 1992 (14 years and seven months). I was in the Air National Guard title 32 from June 1992 to June 2006 (14 years). I retired from the Guard title 32 and am receiving a retirement check. I now have a civil service job, and human resources is saying I can purchase the title 10 time toward retirement. If I purchase the title 10 time, will I have to forfeit my title 32 military retirement? Also, if this is correct, how would the 14 years benefit my…
Browsing: military buyback
Q. Can I retire from FERS (civil service) at 59 with 24 years (16½ active duty, eight civil service) and receive retirement payment when I retire at 59? I’ve read many columns, and I can’t find one that answers my question. If I’m penalized, what is the penalty amount in dollars? A. Yes, you could retire under the MRA+10 provision and receive an immediate annuity; however, it would be reduced by 5 percent for every year you were under age 62. You could reduce or eliminate the age penalty by postponing receipt of your annuity. Alternatively, you could continue working…
Q. If I have worked 6½ years civil service in FERS and I buy back my military time (four years), will I be eligible for the MRA+10 retirement at age 57 if I leave federal work now? Also, if I work 10 years in civil service and bought back my military time, would I get 14 percent (10 + 4) of my high-3 average or just the 10 percent? A. If you make a deposit for your active-duty service, you could retire under the MRA+10 provision. Your annuity would be computed using the standard formula: 0.01 x your high-3 x…
Q. I spent 10 years on active duty, and I am in the Navy Reserve. Between the active-duty and Reserve time, I worked for the post office. I know the post office allows you to buy back your military time. Is the reverse also true — can you transfer your Postal Service time to count toward military retirement? A. No.
Q. I have not paid back my military deposit of approximately $7,000 and am not sure if it would be wise to. I am 59 and have 34 years in CSRS without my service time. I also do not have enough credits with Social Security to receive benefits. Any suggestions would be greatly appreciated. A. Because you were first hired before Oct. 1, 1982, you’ll get credit for that period of active-duty service in your annuity computation even if you don’t make a deposit. If you are retired and won’t be eligible for a Social Security benefit at age 62,…
Q. I am in the Marine Corps Reserve with nine years’ active duty and three years’ reserve duty. If I purchase back my active-duty time in FERS, can I still use my reserve points toward military reserve retirement? A. Yes.
Q. My husband was a temporary federal employee for the Defense Department for five years. He was laid off in August. He had two years of military service, which he bought that time back, so in essence he has seven years of federal service. He is 60 years old. He put 10 percent of his salary in the Thrift Savings Plan. Should he leave that money in TSP or put it in another vehicle? Also, when he reaches retirement age (62), will he receive a pension for the seven years of federal service? He left DoD with a sick leave…
Q. I am a 50-year-old FERS employee with 13 years of active duty and will have 15 years of federal civil service upon my ETS (active duty 1985-1998, FERS employee 1998 — September 2013 with no break in service). I am being militarily selected out due to force reductions and my FERS job is dependent on my military status (which I will no longer have, deeming me ineligible for my ANG federal civil service position). I bought back my military time and am now being told that my military time buyback does not count toward time for the FERS supplement,…
Q. I am a FERS employee in the process of buying back my military time — however, I am not sure if there is an advantage to it. If I buy back my military time (13 years, at a cost of $7,367.50), have a service computation date of September 1984 for federal service and am 58, what possible benefit could be gained? If an early retirement is offered, would I be eligible, and if so, would it be beneficial to accept early retirement —- or stay until I am 62 to 65? A. If you completed your deposit, you’d be…
Q. If I have worked 6.5 years of civil service in FERS and I buy back my military time (four years), will I be eligible for the MRA+10 retirement at age 57 if I leave federal work now? Also, if I work 10 years in civil service and buy back my military time, will I get 14 percent (10 + 4) of my high-3 or just the 10%? A. Yes, making a deposit to get credit for your active-duty service would make you eligible to retire under the MRA+10 provision at 57. Your annuity would be computed under the standard…